ECONOMY

Intracom loss narrows; telecom arm still in red

Intracom Holdings, which has interests in defense, construction and telecommunications, said its full-year loss narrowed in 2007, thanks in part to increased sales. Intracom’s net loss decreased to 36.9 million euros ($58.2 million) in 2007 from -68.9 million a year earlier, as sales advanced 20 percent to 423 million euros, it said in a statement yesterday. Earnings before interest, taxation, depreciation and amortization (EBITDA) came in at 16.6 million euros, compared with a loss of 0.1 million euros a year earlier. «All businesses (in the group) were profitable except for (Internet provider) Hellas On Line… due to increased capital expenses for the development of its private fiberoptics network and increased competition for new customers,» the company said. Hellas On Line reported an increased pretax loss of 31 million euros from 20.2 million euros in 2006. (Reuters)